The Internal Revenue Service noted in a March 25 report that press release An estimated $1 billion in refunds went unclaimed for the tax year because many people failed to pay their taxes in 2020.
But authorities warned that the clock is ticking. If you want a chance to receive cash, you need to act before the looming deadline.
“Under the law, taxpayers generally have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.” the IRS noted. “But with the 2020 tax return, people are taking a little longer than usual to file their refunds. Typically, the normal filing deadlines for filing old refunds are around the April tax deadline. However, due to the emergency situation caused by the COVID-19 pandemic, the three-year deadline for unfiled 2020 returns is April 15, 2024. Postponed to April 17th. ”
As Americans scramble to file their 2023 taxes by next month’s deadline, the growing number of Americans’ tax obligations continue to expand. debt That’s over $34 trillion.
“There is still money left for hundreds of thousands of people who did not file their 2020 tax returns,” IRS Commissioner Danny Wuerffel said. press release. “We want taxpayers to claim these refunds, but time is running out for those who may have missed or forgotten about these refunds. The deadline is May 17, so taxpayers should start now to avoid missing out.”
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